OPEC, the Organization of the Petroleum Exporting Countries, said on Monday there would still be demand for its oil despite the shale oil boom in the United States, downplaying concerns the group may lose its market share.
Boom in shale oil production in the United States has changed the global energy landscape, as Washington has ceded its ranking as top global oil importer to China by cutting its import needs. Next year, the United States is set to overtake Russia as the world’s top oil producer due to the growing non-conventional oil output, the International Energy Agency (IEA) said this month...............................................Full Article: Source